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Atalay, Enghin; Frost, Erika; Sorensen, Alan T.; … - National Bureau of Economic Research - 2023

We study changes in markups across 72 product markets from 2006 to 2018. A growing literature has documented a rise in markups over time using a production function approach; we instead employ the standard microeconomic method, which is to estimate demand and then invert firms' first-order...

Persistent link: https://www.econbiz.de/10014287331

Big Banks and Macroeconomic Outcomes : Theory and Cross-Country Evidence of Granularity

Bremus, Franziska - 2013

Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which...

Persistent link: https://www.econbiz.de/10012459568

Investment-less Growth : An Empirical Investigation

Gutiérrez, Germán - 2016

We analyze private fixed investment in the U.S. over the past 30 years. We show that investment is weak relative to measures of profitability and valuation - particularly Tobin's Q, and that this weakness starts in the early 2000's. There are two broad categories of explanations: theories that...

Persistent link: https://www.econbiz.de/10012455783

Dynamic R&D Choice and the Impact of the Firm's Financial Strength

Peters, Bettina - 2016

This article investigates how a firm's financial strength affects its dynamic decision to invest in R&D. We estimate a dynamic model of R&D choice using data for German firms in high-tech manufacturing industries. The model incorporates a measure of the firm's financial strength, derived from...

Persistent link: https://www.econbiz.de/10012456639

Merger Policy and Innovation : Must Enforcement Change to Account for Technological Change?

Katz, Michael L. - 2004

beyond its traditional focus on static efficiency to account for innovation and address dynamic efficiency. Innovation can … fundamentally affect merger analysis in two ways. First, innovation can dramatically affect the relationship between the pre …-merger marketplace and what is likely to happen if a proposed merger is consummated. Thus, innovation can fundamentally influence the …

Persistent link: https://www.econbiz.de/10012467980

Scope, Scale and Concentration : The 21st Century Firm

Hoberg, Gerard; Phillips, Gordon M. - National Bureau of Economic Research - 2022

We provide evidence that over the past 30 years, U.S. firms have expanded their scope of operations. Increases in scope and scale were achieved largely without increasing traditional operating segments. Scope expansion significantly increases valuation and is primarily realized through...

Persistent link: https://www.econbiz.de/10013462720

Mergers and Marginal Costs : New Evidence on Hospital Buyer Power

Craig, Stuart - 2018

We estimate the effects of horizontal mergers on marginal cost efficiencies - an ubiquitous merger justification - using data containing supply purchase orders from a large sample of US hospitals 2009-2015. The data provide a level of detail that has been difficult to observe previously, and a...

Persistent link: https://www.econbiz.de/10012480581

Zero Returns to Compulsory Schooling In Germany : Evidence and Interpretation

Pischke, Jorn-Steffen - 2005

the range of 10 to 15 percent. We find no return to compulsory schooling in Germany in terms of higher wages. We … investigate whether this is due to labor market institutions or the existence of the apprenticeship training system in Germany … most relevant for the labor market are learned earlier in Germany than in other countries …

Persistent link: https://www.econbiz.de/10012467265

Testing Uncovered Interest Parity at Short and Long Horizons during the Post-Bretton Woods Era

Chinn, Menzie D. - 2005

test this hypothesis using interest rates on longer-maturity bonds for the U.S., Germany, Japan and Canada. The results of …

Persistent link: https://www.econbiz.de/10012467610

Taylor Rules and the Deutschmark-Dollar Real Exchange Rate

Engel, Charles - 2004

We explore the link between an interest rate rule for monetary policy and the behavior of the real exchange rate. The interest rate rule, in conjunction with some standard assumptions, implies that the deviation of the real exchange rate from its steady state depends on the present value of a...

Persistent link: https://www.econbiz.de/10012467692